No matter what type of disability insurance policy you purchase, the ultimate goal is to provide you with adequate financial security if you’re disabled. After signing up for a policy, the insurance carrier promises to pay you a certain amount every month if you’re unable to work and earn an income due to disability.
If you’re a high-income earner, it is not only essential to purchase own-occupation disability insurance but also crucial that you understand the terms of your policy before you take it up.
One of the primary factors to consider is the fact that the insurance company’s ‘definition of disability’ according to your contract has to be met before you can be eligible for full disability insurance benefits. The answer will determine how your disability affects an own-occupation disability policy.